On Thursday, leading lawmakers from country’s central bank will meet in London to decide what happens next with interest rates and the economy as a whole. Rates are likely to remain steady at 0.75 percent, although any dovish comments from BoE Governor Mark Carney may dampen sentiment in the pound. Paul Dales, of consultancy Capital Economics, agreed the Monetary Policy Committee (MPC) will likely vote unanimously to leave interest rates as they are.

But in a stark warning, he told the Financial Times: “The uncertainty over how the UK is going to leave the EU has paralysed policy.”

Investor eyes will be fixed on the BoE’s updated forecasts for the UK economy, particular as Brexit talks between the UK and European Union enter another crucial phase.

The quarterly Inflation Report could begin to highlight whether policymakers will be keen to increase rates once a Brexit resolution is found.

It could also show whether the central bank’s position has changed following last week’s decision from the US Federal Reserve to leave rates unchanged at 2.25-2.5 percent, citing slower growth in China and the Eurozone.

This came despite the Federal Reserve putting traders on notice at the end of last year to expect further US interest rate increases in 2019.

Some economists believe the MPC won’t deviate away from its current position, claiming “limited” and “gradual” tightening will be needed to keep inflation at its two percent target for now.

But others think the BoE could perform a dramatic U-turn like the Federal Reserve and adopt a more dovish slant, reflecting weakening activity in the UK and an increasingly volatile global backdrop.